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The Future Of Data Analytics In India: What Would It Look Like?

The sexiest field of the 21st Century, Data Analytics, has gotten everyone to stand up and take notice of it. As this field progresses, it encounters a number of spectrums like data security and booming employment opportunities.

Discussing The Future Of Data Analytics In India

India is popularly known as the world’s largest democracy and a developing country which, although is a Third World country, has the growth rate of becoming a super power in the near future. The main reason for this is the demographic dividend that our country seems to be bursting with. Many of the foreign countries see our nation as an opportunity for great FDI opportunities through various firms like KPOs, MNCs, BPOs, and other multi-branch companies. This has resulted in India becoming an absolute hub for all those foreign companies looking to find one of the best outsourcing places.

The fields of business analytics and Data Analytics are both rapidly blooming, especially in the sense that our country is almost like an ever growing talent pool. The new and emerging profession of a data analyst is considered to be highly lucrative by all mainly because of quick development and higher pay. The various skills that are required of a candidate especially trying to be a part of this field are the knowledge of statistical techniques, quantitative capacity, logical reasoning, and the knowledge to work with big data and the technique of keeping up with the different assets of a certain company.

As this field happens to be a perfect combination of the in demand skills, these include currently popular tools such as R Programming, SAS Programming, Big Data and Hadoop, Python, SQL, Pig, and so on, as well as administration and management of the same coupled with the knowledge of proper analysis of the past information to work properly well in the current scenario. There are many experts in the field of Big Data who feel that it is important to not just check the growth of this field, but also to conclude that the field had a whole avenue of great future in the current scenario.

The Advancement Of Data Analytics

Especially in India, the advancement of Data Analytics has reached to such a level that it has given way to exceptionally high employment chances as well as progressive income of the professionals working in this field. Apart from the obvious employment perks, there is also the fact that these professionals get to work with new and advanced technologies. These rapid developments are potentially going to change the way the world of businesses as well as business models and help them improve exponentially too.

Apart from this rosy picture, there does seem to be a link in the armor of Big Data. The issue of data security has come to the fore and not for all the good reasons lately. With many telecommunication companies experiencing breaches in the data and the prevalence of the harmful malware and virus plaguing the virtual world today, data security does definitely become of great importance. Data is essentially classified into three different types, the first one being data that is human sourced, then there is data that is unorganized or unstructured. And lastly, there is the ungoverned data that is stored everywhere from commonplace computers to personal computers.

Currently, the few fields that are making use of this data analytical technologies are investment banks, media agency, outsourcing companies, other companies which are based on the internet for their business development and so on. This use of Data Analytics has advanced so much so that today, these firms are able to serve their customers in a much better way, especially in keeping with their different needs and requirements.

Today the availability of data is growing by leaps and bounds and this is mainly because of the growing use of social media and other Internet of Things devices and various other gadgets. As this enormous amount of data or as it is popularly known as Big Data grows exponentially it also develops a huge opportunity for professionals to work with it and derive analysis from the same. The future of Big Data Analytics certainly looks exceptionally bright as there are many avenues that can be taken advantage of.

India at present has close to 600 Data Analytics firms with the potential for about 100 new data driven start-ups ready to launch into the industry. It is believed by many statisticians that by 2020, India will have a huge demand and supply misbalance and will be in need of close to 2,00,000 analytical data experts in the field of Data Analytics skyrockets.